TORONTO, March 31 /CNW/ - IA Clarington Investments Inc. (the
"Manager") is pleased to announce that a final prospectus dated
March 29, 2010 has been filed with, and a receipt issued by, the
securities regulatory authorities of all of the Canadian provinces
and territories for an initial public offering of units (the
"Units") for IA Clarington Aston Hill Tactical Yield
Fund.
The offering is expected to close on or about April 19,
2010.
The Fund's prospectus qualifies the issuance of Units of the Fund
at a price of $10.00 per Unit. Each Unit consists of one
transferable trust unit (a "Trust Unit") and one Trust Unit
purchase warrant (a "Warrant"). The Units will separate into Trust
Units and Warrants upon the earlier of the closing of the
Over-Allotment Option and the 30th day following the closing of the
Offering. Each Warrant entitles the holder to purchase one Trust
Unit at the subscription price of $10.00 per Trust Unit on or
before 5:00 p.m. (Toronto time) on April 29, 2011. Warrants not
exercised by that date will be void and of no value.
The Fund's investment objectives are:
- to provide unitholders with monthly cash distributions,
initially targeted to be 6.0% per Trust Unit per annum on the
original offering price of $10.00 per Unit ($0.05 per Trust Unit
per month or $0.60 per Trust Unit per annum); and
- to maximize total returns for unitholders, consisting of both
cash distributions and capital appreciation, while reducing risk
and preserving capital.
The Fund's investment strategy is to invest primarily in:
- Canadian common and preferred equity securities and income
trust units that provide a consistent and stable source of current
income; and
- fixed income securities, including high yield corporate debt
securities, cash and cash equivalents.
Each of the equity portion and the fixed income portion
generally will represent between one-third and two-thirds of the
portfolio, with the allocation at any time being determined by the
portfolio manager based on its view of market opportunities at the
time of investment.
The Fund will be actively managed by Catapult Financial Management
Inc., and Ben Cheng will be the lead portfolio manager responsible
for the Fund.
On or before April 30, 2012, the Fund will automatically
either:
- convert to an open-ended mutual fund,
- or merge with an open-ended mutual fund on a tax-deferred
basis, to be managed by the Manager or an affiliate of the
Manager.
The syndicate of agents is co-led by CIBC World Markets Inc. and
RBC Capital Markets and includes BMO Capital Markets, National Bank
Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord
Financial Ltd., Desjardins Securities Inc., HSBC Securities
(Canada) Inc., Raymond James Ltd., Wellington West Capital Markets
Inc., Dundee Securities Corporation, Macquarie Capital Markets
Canada Ltd., Industrial Alliance Securities Inc. and Rothenberg
Capital Management Inc.
About IA Clarington Investments Inc.
IA Clarington Investments Inc., a subsidiary of Industrial
Alliance Insurance and Financial Services Inc., markets a wide
range of investment products, including mutual funds and segregated
funds managed by leading portfolio advisors. IA Clarington managed
more than $7.9 billion in assets as at March 1, 2010.
Catapult Financial Management Inc.
Catapult is a wholly-owned subsidiary of Aston Hill Financial Inc.
("Aston Hill"), which is listed on the TSX Venture Exchange under
"AHF". As at March 1, 2010, Aston Hill had approximately $1.7
billion in assets under management.
This offering is only made by prospectus. The prospectus contains
important detailed information about the securities being offered.
Copies of the prospectus may be obtained from Lovena Doodahnand,
CIBC World Markets Inc., at 416-594-7270 or lovena.doodahnand@cibc.ca.
Investors should read the prospectus before making an investment
decision. The IA Clarington Funds and IA Clarington Target Click
Funds are managed by IA Clarington Investments Inc. IA Clarington
and the IA Clarington logo are trademarks of Industrial Alliance
Insurance and Financial Services Inc. and are used under
license.
For further information: David Scandiffio, President, IA
Clarington Investments Inc., (416) 860-9880, Toll-Free
1-888-860-9888, Email:david.scandiffio@iaclarington.com, www.iaclarington.com